This online savings account offers a competitive rate of bonus interest each month you meet the account conditions. To be eligible for the bonus interest rate you need to link your ME Online Savings Account to a ME Everyday Transaction Account and have at least one purchase using tap & go with your Debit Mastercard processed each week.
Compared to other high interest saving accounts it's quite easy to earn the bonus interest with the ME Online Savings Account, as there's no monthly deposit condition to meet.
What are the features of the ME Online Savings Account?
While comparing the benefits of ME's online savings account, keep the following features in mind.
Ongoing, variable interest rate of 2.85% p.a. on your first ME Online Savings account when you link with a ME Everyday account and have at least one tap & go purchase processed per week.
The bonus interest is only payable up to amounts of $250,000 on the first ME Online Savings Account you open unless it was opened before 10 August 2015. To be eligible for the bonus interest rate you need to link your ME Online Savings Account to a ME Everyday Transaction Account and have at least one purchase using tap & go with your Debit Mastercard processed each week.
NOTE: Once per week means at least once between Monday to Sunday each week in the month. If the last week of the month is only a few days long, you still need to make at least one transaction. Note that purchases made in the month which aren't processed until the following month (for reasons beyond ME's control) are not eligible purchases for bonus interest.
Base interest rate of 1.30% p.a.
Regardless of your savings account deposit or the amount of monthly deposits, your account balance will have a variable interest rate of 1.30% p.a. applied to it monthly.
Previously held an ME Online Savings account before 10 August 2015?
You’re only eligible for the bonus rate upon request – speak to ME on the phone today!
How is my interest calculated?
Interest on your balance will be calculated each day and paid into your account once a month. The bonus interest is only payable up to amounts of $250,000. You can compare savings accounts that award the maximum rate on balances greater than $250,000.
What if I've opened the savings account mid-month? Do I still get the bonus interest?
Unfortunately no, since you haven't met the weekly contactless payment requirement, you are not eligible for this month. However, you are still eligible to receive the bonus rate next month.
Are contactless payments actually safe?
Contactless payments are considered safe and are now rolled out on newly issued cards. For every transaction you make, your debit card generates a unique code that prevents you from being charged twice. The card has to be four centimetres away from the reader so people can't steal your information nor can you pay for other people's transactions.
If your card is lost or stolen and you report it right away, you are eligible for the Mastercard or Visa Zero Liability Guarantee which means you won't be held responsible for any unauthorised transactions. Read our Contactless Payments guide for more information.
What kind of things can I purchase with tap & go?
Contactless payment EFTPOS machines are available at everyday retailers, such as Woolworths, Coles, Caltex Petrol, 7-Eleven, etc.
How long does the bonus rate last for?
The bonus rate is currently ongoing, assuming you meet the conditions. It is a variable interest rate, so will most likely follow the RBA cash rate.
When does the weekly cycle start?
The weekly cycle starts from the first time you make your contactless payment. As long as you have a contactless payment processed every week or every successive 7 day period, you'll be eligible for the bonus rate.
In summary, use it at least once every Monday to Sunday.
$0 Account management fees
There are $0 monthly fees charged to your account with the ME online savings account. The linked ME Everyday Transaction also doesn't charge any ATM fees or monthly fees.
$0 Transaction fees
ME Bank offers you unlimited transactions into and out of your savings account without charging any fees.
24/7 Online and phone accessibility
Your account information is available around the clock, allowing you to transfer money whenever you have need to.
$0 Minimum deposit
You do not need to make an initial deposit to open your savings account and there are no monthly minimum deposit requirements.
Easily make deposits from your nominated account with online banking. You are also permitted to make deposits from other accounts that are not directly linked to your savings account.
You are allowed unlimited withdrawals with this account by transferring the money into the transaction account you have linked to it.
Is ME owned by one of the big four? How can they offer such good rates?
ME is not owned by any bank, instead it is 100% owned by industry super funds. Instead of returning its profits back to shareholders, it goes back to its members who are the account holders.
Does ME have any branches?
ME is an online bank and doesn't have any branches. If you'd like to make a cash deposit into your account, you can do so via your local Bank@Post outlet. If you would like to speak to a member of its customer service team, the service centre is open Mon - Fri 8am to 8pm and Saturday 9am to 5pm.
- Competitive ongoing interest rate of 2.85% p.a. if you meet the conditions
- $0 Account keeping fees
- Weekly tap & go purchase required to earn the bonus interest rate
- Bonus interest rate applies up to balances of $250,000
- ME Bank doesn't have any branches
How do I apply for the ME Online Savings Account?
If you like the idea of total accessibility and no fees to save your money, you can apply for the ME Online Savings Account by clicking ‘go to site’.
Eligibility to apply online
Before following the link to the secure application form, make sure that you are eligible for the account by checking the following requirements:
- Age eligibility. You must be at least 12 of age to open this savings account, and fill out the application on your own.
- Resident eligibility. Citizens and permanent residents of Australia are eligible to apply as well as Australian residents for tax purposes. You must have an Australian residential address.
- Account use. This savings account is intended for personal use only. If you are interested in a savings account for a business, company or trust, look into ME Bank’s business products and services.
Documentation you'll need when applying online
If you are eligible, gather the following documentation and click the ‘go to site’ button:
- Identifying documents. Identifying documents include your Australian driver’s licence, passport, birth certificate or Medicare card. You will need information from at least two of these in order for ME to verify your identity electronically.
- Nominated bank account. In order to be able to add to your savings account and make withdrawals, you will need to provide the account information for an everyday account.
- Personal details. You will be asked to provide your full name, date of birth and physical address in order for your application to be processed.
What happens after I submit my application?
Once ME has verified your identity, they will open your savings account. Once open, you can begin making deposits or set up direct deposits to your savings account from another bank account.